Further development of LYR-210, the lead product candidate for chronic rhinosinusitis (CRS), has been suspended as of January 2026. The company implemented a cost reduction plan, including a workforce reduction impacting substantially all remaining employees (25 employees in January 2026, following 87 employees in May 2024). Maria Palasis (CEO) and Jason Cavalier (CFO) have been retained as consultants to support the company's pursuit of strategic alternatives. Nasdaq delisted the company from The Nasdaq Capital Market, effective March 17, 2026, due to being deemed a 'public shell' and failing to meet minimum stockholders' equity requirements. The Phase 3 ENLIGHTEN 1 trial for LYR-210 (CRS without nasal polyps) did not meet its primary endpoint in May 2024. The Phase 3 ENLIGHTEN 2 trial for LYR-210 (CRS without nasal polyps) met its primary endpoint and key secondary endpoints in June 2025. The U.S. Food and Drug Administration (FDA) confirmed in September 2025 that an additional Phase 3 trial is required for New Drug Application (NDA) submission for LYR-210. Development efforts for LYR-220 and manufacturing of both LYR-210 and LYR-220 were paused in May 2024. The company incurred significant operating losses of $31.0 million in 2025 and $96.3 million in 2024, with an accumulated deficit of $433.7 million as of December 31, 2025. Cash and cash equivalents stood at $15.9 million as of December 31, 2025, raising substantial doubt about the company's ability to continue as a going concern. Efforts are underway to sublease or assign three leaseholds (Watertown and two in Waltham) to preserve capital. The company raised $5.0 million in gross proceeds ($4.3 million net) from a registered direct offering and concurrent private placement in June 2025.